President Susilo Bambang Yudhoyono of Indonesia has called on Islamic banks to take a leadership role in the global economy in the aftermath of the financial crisis.
He told the opening session of the World Economic Forum in Jakartathat Islamic finanical institutions have not been hit as hard as their western counterparts.
Demand for Islamic financial products has been growing in the Muslim world for years and Mr Yudhoyono said that many in the West were now ready to learn from them.
The BBC reports Islamic law prohibits the payment and collection of interest. Transactions must be backed by real assets.
